Genmar auction spills over to second day

MINNEAPOLIS, Minn. – The auction for the assets of Genmar Holdings LLC moved into its second day this morning when proceedings resumed at 10 a.m. central time.

Prior to the auction, several qualified bids had been received above and beyond the bid submitted by stalking horse bidder Platinum Equity, Beverly Hills, Calif. If no qualified bid was submitted other than the stalking horse bid, the auction would not have taken place, according to court documents.

Qualified bidders include Gores Group, J & D, Hydra Boats LLC, and The Patriarch, according to Marcia Kull of Volvo Penta of the Americas, Inc., who is a member of the unsecured creditors committee.

In an interview, she reported that Platinum Equity was the highest bidder as of this morning, having submitted a bid for all of the assets. However, the auction continues as those involved work to value the individual assets, some of which have also received bids.

A sale approval hearing is scheduled for Jan. 13, and the sale closing is scheduled for a week later on Jan. 20.

Stay tuned for more details as they become available.

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